A market order executes immediately at the best available price. A limit order executes only at your chosen price or better. A stop order activates a market order when the price reaches a trigger level. A stop-limit combines the two — activated like a stop, but executes like a limit. Use limits for entry precision; use stops to protect positions or to enter on breakouts.
Market order
A market order is the simplest type of trade execution. When you click Buy or Sell, the order is executed immediately at the best available market price. On the nomo app and web platform, market orders are currently the only supported order type. Additional order types are available on MT5.
Limit order
You specify the price you're willing to trade at. The order fills only at that price or better. Buy limits are placed below the current price ("buy if it drops to here"). Sell limits are placed above ("sell if it rises to here"). Pros: precise entry, good for ranging markets. Cons: may not fill if the market doesn't reach your level.
Stop order
A stop order rests at a level above (for buys) or below (for sells) the current price. When the price reaches the level, the stop converts to a market order and executes at the next available price. Two main uses: protecting an open position (a stop-loss) or entering on a breakout (a buy-stop above resistance).
Stop-limit order
Combines a stop and a limit. When the trigger price is hit, instead of a market order, a limit order is placed. This means you control the worst price you'll accept, but the order may not fill if the market gaps past your limit. Useful for less liquid instruments where slippage on a normal stop could be severe.
Choosing the right type
I want in or out, right now: market order.
I want a specific entry price and I'm patient: limit order.
I want to be protected from large adverse moves on an open position: stop order (stop-loss).
I want to enter only after the market confirms a breakout: stop order (buy-stop above resistance).
I'm trading something with poor liquidity and want to control slippage: stop-limit order.
Important notes
All pending orders (limit, stop, stop-limit) can be modified or cancelled before they trigger.
Some pending orders expire at end-of-day, end-of-week, or remain Good-Till-Cancelled (GTC) depending on platform settings. Check before placing.
During news events or market open, gaps can mean a stop fills well past your trigger price. This is slippage — a normal market behaviour, not a platform issue.